Consumer Skills Lesson

Consumer Credit

By Kayla Slay

He invented the first credit card system with his idea for a diner's club card.​

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​Frank McNamara

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• Credit: ​the ability of a customer to obtain goods or services before payment

• ​Creditor:​ a person or company to whom a credit is owed.

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​​Credit Definitions

• ​Credit Score: a number assigned to a person that indicates their capacity to repay a loan​

• ​Open-end credit: credit as a loan with a certain limit on the amount of money you can borrow

Multiple Choice

What is Credit

• A personality type

• How much someone trusts you

• Your honesty

• The ability you have to obtain a good with a trust of future repayment

How should a responsible citizen, like you, treat credit?​

In your groups discuss the pros and cons of aquiring credit.

What factors into a credit score?​

​image courtesy of

​https://www.comparecards.com/

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Can you afford it?

	Bi-Weekly Income: Deposit ($12/hr)		Bills/Wants: Deduction		Can you afford it?
	$960 (Deposit)
	Bill:
	Bill:
	Bill:
	Deposit-Bills/Wants=Balance		Total:		=

Multiple Choice

Your credit score follows you for life

• YES

• NO

• UNSURE

Where can you find your credit score?​

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- Credit Karma (free)

- Experian (free)

- LifeLock (payment)

• ​Consumer Credit Protection Act:

Right to know costs and terms of credit​

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• Fair Credit Reporting Act:

Right to know what’s in your credit file​

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• Equal Credit Opportunity Act:

Right to fair opportunity to obtain credit​

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• Fair Credit Billing Act:

Right to have billing mistakes resolved​

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• Fair debt Collection Practices Act:

Right to be protected from collection agencies

​Do I have rights?

​What is wealth?

“an abundance of valuable possessions (aka assets) or money.”

​Creating Wealth Comes From 3 Skills

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​ 1. The ability to sacrifice your WANTS for today.

2. The ability to SAVE money

​ 3. The ability to INVEST money

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• Budget to pay yourself

• Follow a simple weekly or monthly savings plan

• Have your paycheck cut for savings

• Make a budget!​

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​image courtecy of www.thefool.com

​Savings starts with YOU!

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-          Real Estate

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-          Stocks and Bonds

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-          Mutual Funds

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-          Bank Products

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-          Retirement

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​Where can I invest?

Investment Calculator | RamseySolutions.comSearchCancel Search

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